Mumbai, Nov 26 (UNI) After a two session losing streak, the key benchmark Sensex today zoomed up by 331.19 points to close at 9026.72 in choppy trade on fresh speculative demand from Mutual funds.
The sentiment turned positive on hopes that there may be rate cut by RBI after China cut CRR by 100 bps to 16 per cent from 17 pc.
They also lowered lending rates to 5.58 pc from 6.66 pc.
The benchmark indices witnessed smart rally in last one hour of trade, after choppy trade since the start of the session.
The Nifty index of National Stock Exchange (NSE) was quoted above 2700 level, on account of buying in oil, banking, power, capital goods, metal and telecom stocks.
The market witnessed high volatility today caught between concerns over the weakening domestic scenario, volatile European shares and firmer Asian stocks on the back of the latest US Federal Reserve measures to boost the flagging US financial system.
The Sensex swung 403.19 points between the day's high and low.
On the global front, Asian markets ended higher barring Nikkei.
Hang Seng, Straits Times, Kospi and Jakarta jumped 3.4 per cent to 4.7 per cent. Shanghai rose 0.49 pc and Taiwan gained 0.12 pc.
The Sensex resumed firm at 8768.20 points, after hitting an intraday high of 9,061.72 and a low at 8658.53 points.
The 50-share NSE Nifty rose 3.7 per cent or 98.25 points, to settle at 2752.25. It opened flat at 2652.45 AND later recorded the day's high and low at 2762.60 and 2643.35 points respectively.
Reliance Industries, ICICI Bank, HDFC Bank, Bharti Airtel, HDFC, NTPC, ITC, SBI, L&T, Sterlite Industries, ONGC, TCS, Wipro, Reliance Infrastructure, Infosys Technologies and BHEL were the biggest contributors in the rally. The market breadth, indicating the overall health of the market, was negative on BSE with 1390 shares declining as compared with 1065 that rose. 84 shares remained unchanged.
The total turnover on the BSE amounted to Rs 3223 crore as compared to Rs 2158 crore on the previous day.
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